The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

HEALTH Minister Dr Perry Gomez said five stem cell projects have been approved for operation in New Providence and Grand Bahama as he touted the benefits of the “revolutionary” industry to the Bahamian economy. 

Dr Gomez told Parliamentarians yesterday that the development of the stem cell industry has ushered in a new era of quality standards, monitoring, analysis, and evaluation.

He was making a contribution to the 2014/2015 Mid-Year Budget which is expected to wrap up this week.

Dr Gomez said: “Already there are five major stem cell projects (or) proposals that have professional approval for operations in New Providence and Grand Bahama.

“It is with interests that we note that Okyanos Heart Institution, in Freeport, Grand Bahama, was the first stem cell operation to be given provisional approval.”

As it stands, Dr Gomez said the Bahamas is among the leaders in the Western hemisphere that have in place comprehensive legislation that allows for professional expert oversight of clinical stem cell research.

He added that new and better paying sustainable professional employment opportunities have emerged to have an immediate impact on the country’s GDP. Dr Gomez noted several other benefits of having a well developed stem cell industry in the Bahamas.

“Medical tourism is a significant spin-off from the stem cell industry with the revenue from one stem cell client being more than ten times what the ordinary tourist client would spend.

“A new category of professionally related healthcare high paying sustainable jobs do not presently exist in The Bahamas setting, have already begun to come on stream such as Biomedical Engineers, Healthcare Facilities Managers, Healthcare Accountants and Economists.”

He added: “Only this week, Mr Speaker, a major philanthropist with a grant has approached the Stem Cell Secretariat to sponsor research for patients with multiple sclerosis at Okyanos and at no cost to the participants. This is a significant intervention within six months of opening the stem cell industry in the Bahamas.” 

This was sparked by the early positive outcomes of therapy performed at Okyanos Heart Institute, and will include dozens of other Bahamians at no cost to them, Dr Gomez said

The Minister said the local participants would not have been able to access the treatment offered in Grand Bahama without this intervention.